How can businesses effectively balance the use of non-monetary incentives with monetary rewards to create a comprehensive employee motivation strategy that drives long-term engagement and performance?

Businesses can effectively balance non-monetary incentives, such as flexible work hours, recognition programs, and opportunities for career development, with monetary rewards by understanding the individual preferences and motivations of their employees. By offering a mix of both types of incentives, businesses can create a comprehensive employee motivation strategy that appeals to a diverse workforce. This approach can help drive long-term engagement and performance by fostering a positive work environment, promoting loyalty, and encouraging continuous improvement. Ultimately, a well-rounded motivation strategy that combines non-monetary and monetary rewards can lead to increased productivity, job satisfaction, and overall employee well-being.